234 Marietta Hwy, Canton, GA 30114
52 Unit Apartment Building | $7,500,000 ($144,231/Unit) | Canton, GA 30114
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 7 days
Asking Price $7,500,000
- Property Type
-
Multifamily
- Square Feet
- 42,376 SF
Listing Contacts
Ian Shaw
Verified Profile
- Property Info
Property Overview
Built in 1980, Northwood Apartments is a 52-unit multifamily property located just a 4-minute drive from Downtown Canton. Canton and Cherokee County have seen strong population growth since 2000 (96% increase) making it the fastest growing county in Metro Atlanta. Along with this population explosion has come some great renter demographics, with an average HHI over $90k, 2.3% unemployment and an overall school rating of an A- from Niche.
New Class “A” apartments nearby provide ample headroom for new ownership to reposition Northwood as the high-quality value provided in Canton. With a $425 gap between Northwood’s rents and their Class “A” competitors. Current ownership has lightly renovated 5 units with resurfaced countertops, updated appliances, new cabinet fronts, and vinyl flooring, leaving the remainder of the property wide open for new ownership to implement a systematic renovation program. With 76.9% of the floor plans two- and three-bedrooms with full size washer and dryer connections, Northwood is primed to cater to the submarket’s historical demand.
New Class “A” apartments nearby provide ample headroom for new ownership to reposition Northwood as the high-quality value provided in Canton. With a $425 gap between Northwood’s rents and their Class “A” competitors. Current ownership has lightly renovated 5 units with resurfaced countertops, updated appliances, new cabinet fronts, and vinyl flooring, leaving the remainder of the property wide open for new ownership to implement a systematic renovation program. With 76.9% of the floor plans two- and three-bedrooms with full size washer and dryer connections, Northwood is primed to cater to the submarket’s historical demand.
Property Details
- Class
- C
- Year Built
- 1980
- Stories
- 2
- Lot Size (sq. ft)
- 213,008 SF
- Units
- 52
Highlights
- Surging Population Growth: Cherokee's population growth outpaced other North Atlanta counties, increasing nearly 96%
- Proven Value-Add: 90.3% classic units with $117 proven premiums
- Ideal Suburban Location: Located less than five minutes from Historic Downtown Canton and I-575
- Opportunity to Push Rents to Market: Competitors’ rents outpace subject’s average in-place rent by $325
- Recent Lease Trend: Latest lease up 14% over average in-place rent
- Discount to Homeownership: Monthly mortgage payment for average value home in area outpaces average market rent at subject
Nearby Properties
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